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A Marlborough property approved for a 242-unit apartment complex received $64.5 million in construction financing following a change of ownership.

Fairfield, Connecticut-based Post Road Residential sold the property for $10 million to an LLC affiliated with The Carlyle Group. Berkshire Bank provided $64.5 million in construction financing for the project, according to a Middlesex County Registry of Deeds mortgage.

Post Road Residential acquired a larger parcel from Boston Properties in 2019 and received approval for the Green District residential project. The property was previously approved for an office park.

The first phase of the Green District, an apartment complex known as The Burrow, opened in 2022 and currently lists studio units starting at $2,352. Post Road Residential previously developed the Pioneer and Batch Yard apartment complexes in Everett.

Apartment rent growth has slowed in eastern Massachusetts after peaking at nearly $3 per square foot in mid-2022, according to a recent Colliers research report. The inner suburbs of Boston are the most active development market, comprising 14.5 percent of the 17,000 units under construction.

The current apartment vacancy rate in Marlborough is 3.4 percent, with average rents of $2.38 per square foot, Colliers reported.